Baedal Minjok (Baemin) withdraws from Vietnam business after four years
On the 27th, Baemin Vietnam will cease operations on the 8th of next month, according to local media in Vietnam, including VN Express, and Baemin’s operating company.
It’s been four years since Baemin entered the Vietnamese market by acquiring Vietnam’s local delivery platform Viet Nam EM in 2019.
Vietnamese media reported Baemin’s character waving his hands in tears while wearing a mint-colored helmet and Baemin Vietnam with the words “Goodbye.” The announcement also explained that the Vietnam business will be suspended on December 8th.
Baemin Vietnam belongs to DH Asia, which was founded by elegant brothers in collaboration with German delivery heroes.
Baemin Vietnam cited fierce competition in the Vietnamese food delivery market as a reason for the business suspension.
Delivery hero founder and CEO Niklas Ostberg said in an interview in August that only Vietnam is particularly sluggish in the Asian market.
Baemin Vietnam previously closed in September, when it reduced its service area and reduced its workforce to improve profitability.
According to market research firm Momentumworks data, the Vietnamese food delivery market is occupied by 45% and 41%, respectively, by Grab and Shopify Foods as of last year. Baemin Vietnam’s share was only 12%.
EJ SONG
US ASIA JOURNAL
